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Bitcoin Latency

Quick Explainer On Latency Problems With Increased Blocksize. : Bitcoin

Quick Explainer On Latency Problems With Increased Blocksize. : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Coinbase Plans Low-latency Colocation For Bitcoin Trading

Coinbase Plans Low-latency Colocation For Bitcoin Trading

You are here: Home / Colo / Coinbase Plans Low-Latency Colocation for Bitcoin Trading Coinbase Plans Low-Latency Colocation for Bitcoin Trading A corridor inside an Equinix low-latency colocation facility in Secaucus, N.J. Bitcoin specialists are seeking to create similar capabilities for cryptocurrency trading. (Photo: Rich Miller) Wall Street is embracing bitcoin and ready to build a financial ecosystem around cryptocurrency. That includes low-latency colocation, which has been a significant business for data center companies in major financial hubs. Bitcoin specialist Coinbase, which manages more than $20 billion in cryptocurrency assets, has announced its entry into the data center business as part of a suite of services for institutional investors. With its Coinbase Markets offering, the company will provide a centralized pool of liquidity for all its cryptocurrency products, which currently include Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Over the course of the year Coinbase Markets will introduce new features like low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services, the company said . These additions will allow for a more efficient price discovery process to occur, creating tighter markets, deeper liquidity, and increased certainty of execution. The emergence of low-latency trading for bitcoin marks a potential shift in the data center industrys relationship with the cryptocurrency world. Until now, the primary bitcoin-related use of data centers was for mining processing transactions to secure the blockchain, an online ledger. Bitcoin miners yearn for cheap space and power, and lots of it. They typically run high-density racks and invest less in backup infrastructur Continue reading >>

Waves Set To Become 'fastest' Decentralized Blockchain Platform Globally

Waves Set To Become 'fastest' Decentralized Blockchain Platform Globally

Waves Set To Become 'Fastest' Decentralized Blockchain Platform Globally Opinions expressed by Forbes Contributors are their own. Waves , a global public blockchain platform founded last year that completed its Initial Coin Offering (ICO) in June 2016 raising over $16 million (c.30,000 bitcoin (BTC)), is implementing new technology to enable the network to process thousands of transactions per minute and become what is claimed as the "fastest decentralized blockchain" platform in the world. The innovation is touted as bringing blockchain technology to the next level of evolution, enabling the platform that was the brainchild of a Moscow-based physicist to compete with mainstream payment processors and to achieve mass-market adoption. Of course claims of being the first or the fastest can be contested and akin to a technology and latency arms race. Indeed, when I covered the measurement of latency in the equities and exchanges space, it was always interesting to hear from one party or another claiming that their systems' trading latency was the fastest on the block. But it all rather depended on whether one was talking about end-to-end latency, point-to-point, from the moment the button a trade instruction was despatched to when it was received by the exchange matching engine, or from when it left one building and hit the edge of another building (i.e. an exchange data centre). Also we could throw in average and peak latency rates. And, it's one thing having the fastest latency but if the system is prone to downtime then things won't necessarily stack up. The words smoke and mirrors come to mind. Waves-NG, a next-generation technology and consensus algorithm designed and based on the Bitcoin-NG proposal made by Cornell Computer Science academics Emin Gn Sirer and Ittay Continue reading >>

Could Bitcoin Transactions Be 100x Faster?

Could Bitcoin Transactions Be 100x Faster?

Could Bitcoin transactions be 100x faster? Abstract: Bitcoin is a crypto currency, a distributed peer-to-peer financial system. Well actually it is an electronic system which manages the provisional ownership of a strictly fixed supply of abstract fungible units which really works as a distributed property register or a digital notary service. This is not so different than managing the ownership of shares in traditional financial markets. Modern financial institutions increasingly just do NOT trust each other, they build co-operative robust and decentralized and increasingly transparent, electronic systems which are and able to both serve the diverse objectives of participants (e.g. traders) and uphold certain security policies. Is Bitcoin actually so brilliant to be called the Internet of money as it is sometimes claimed? Not quite. Consider just the question of speed. Super low latency transactions are a norm in the financial industry, and even ordinary people have access to super fast bank transfers and real-time credit card transactions. Bitcoin remains rather the horse carriage of money. In this paper we look at the question of fast transaction acceptance in bitcoin and other crypto currencies. We claim that bitcoin needs to change in order to be able to satisfy the most basic needs of modern users. Continue reading >>

Fibre Fast Internet Bitcoin Relay Engine

Fibre Fast Internet Bitcoin Relay Engine

The Fast Internet Bitcoin Relay Engine (FIBRE) is a protocol and implementation designed to relay blocks within a network of nodes with almost no delay beyond the speed of light through fiber. Its design is based on several years' experience operating and studying the Bitcoin Relay Network and functions incredibly well even when faced with suboptimal internet conditions. FIBRE is designed to be easy to operate for anyone already running a network of Bitcoin Core instances, instantly providing high-speed transfer of blocks. This way, it will significantly decentralize the availability of high-speed relay networks, making it easy for any individual or group to set one up. FIBRE improves on the design of the Bitcoin Relay Network primarily in two ways: it eliminates latency spikes by sending extra data to compensate for packet loss and is based on the compression provided by the Compact Block work in Bitcoin Core . FIBRE is easy to operate for anyone already running a network of Bitcoin Core instances, instantly providing high-speed transfer of blocks. Because TCP is designed to provide reliable transmission at reasonable bandwidth across medium-large amounts of data, it is incredibly bad at low-latency relay of small amounts of data. It is generally tuned to send packets (each just under 1500 bytes) once and to only discover that some packets were lost after getting a response from the other side. Only then will the sender retransmit the lost packets, allowing the receiver to (potentially) reconstruct the original transmission. I have seen packet loss over long-haul links on the internet average 1%, though if you purchase bandwidth directly from global carriers, you can expect < 0.1%. At 1%, the probability of transmitting a full, uncompressed, block without needing to w Continue reading >>

Bitcoin Is Based On The Blockchain Pipe Dream

Bitcoin Is Based On The Blockchain Pipe Dream

Bitcoin is based on the blockchain pipe dream Overpriced cryptocurrencies owe their diminishing credibility to an over-hyped technology Last modified on Mon 5 Mar 2018 08.56EST Cryptocurrencies rely on blockchain technology, which is slow and inefficient.Photograph: Artyom Geodakyan/Tass Predictions that bitcoin and other cryptocurrencies will fail typically elicit a broader defence of the underlying blockchain technology. Yes, the argument goes, more than half of initial coin offerings to date have already failed, and most of the 1,500-plus cryptocurrencies also will fail, but blockchain will nonetheless revolutionise finance and human interactions generally. In reality, blockchain is one of the most overhyped technologies ever . For starters, blockchains are less efficient than existing databases. When someone says they are running something on a blockchain, what they usually mean is that they are running one instance of a software application that is replicated across many other devices. What is bitcoin and is it a bad investment? Bitcoin is the first, and the biggest, cryptocurrency a decentralised tradeable digital asset. Whether it is a bad investment is the big question. Bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person. The required storage space and computational power is substant Continue reading >>

Fibre Fast Internet Bitcoin Relay Engine

Fibre Fast Internet Bitcoin Relay Engine

As there is significant benefit in having at least one publicly-available high-speed relay network, I maintain one. Each FIBRE node in the network exposes its Bitcoin P2P Port to registered users (see the bottom of the page). The FIBRE codebase running on each is optimized to ensure that Compact Blocks for each new block are made available to peers after only SPV validation of new blocks, without blocking for lock acquisition. While you can connect to FIBRE nodes using clients which do not support Compact Blocks, your block-availability latency will be significantly harmed. For those using Bitcoin Core version 0.14 or later, simply using -addnode or the equivalent RPC commands is preferred. Note that Bitcoin Core 0.14 ignores any -addnodes after the first 8, so no more than 8 should be used at any given time. There are currently 6 nodes, distributed around the globe in order to minimize latency for clients no matter where they are (see map). Per source IP, only one connection to any server on the network is allowed, as connecting multiple times or to multiple locations will not only reduce availability for other users, but will actually increase your own latency (as it will increase the likelihood of packet loss). IP whitelisting may use GeoIP lookup to whitelist only on region-appropriate nodes! Because this network is targeted at those who need incredibly low-latency block relay (ie miners only), its nodes do not accept connections from anyone, by default. Instead, you must add your source IP address to the whitelist using the form below. The hostnames of the nodes will be displayed after your IP has been whitelisted. Continue reading >>

Weaknesses - Bitcoin Wiki

Weaknesses - Bitcoin Wiki

The wallet is stored unencrypted, by default, and thus becomes a valuable target for theft. Recent releases of the Bitcoin client now supports encryption to protect the wallet data, though the user must opt-in. New wallets vulnerable with old passwords via backups An old copy of a wallet with its old password is often easily retrievable via an existing backup facility (particularly Apple Time-Machine): draining that old wallet, with its old password, drains the current wallet with the current password -- this is contrary to most non-technical users expectation of what 'change the password on your wallet' should mean following password compromise. An initial solution is to mandate (either in code or as expressed policy) that changing a wallet's password causes (or asks the user to cause) the creation of a new wallet with new addresses, and the sending of existing sums to them. Backed-up copies of the original wallet with the original password would then be empty, should they be compromised. On the downside, the password-changing process would potentially take much longer, cost a transaction fee or more, and - intially at least - the new wallet is no longer backed up. On the upside, non-technical users won't find their wallets drained from security compromises they believed they had closed, nor be required to locate existing backups of a wallet in order to destroy them. Tracing a coin's history can be used to connect identities to addresses. More info . An attacker can attempt to fill the network with clients controlled by him, you would then be very likely to connect only to attacker nodes. Although Bitcoin never uses a count of nodes for anything completely isolating a node from the honest network can be helpful in the execution of other attacks. This state can be expl Continue reading >>

Bitcoin Question On Concurrency And Latency

Bitcoin Question On Concurrency And Latency

BitCoin question on concurrency and latency I see there are massive calculations taking place for the purpose of blocking the same BitCoin from being used twice and also to verify that the user in fact has that amount of BitCoin. So, on this issue of the BlockCain database being the holder of the sole ledge, verified by numerous bookkeepers... How long does it take to find out that one user tried to use the same 5 BitCoins, twice? Is that real time? (under 25 milliseconds)? Or does that kind of error occur seconds, minutes or hours later? it is real-time. the hard part is getting the bitcoin, accounting is easy. If it wasn't it would be ripe for fraud. What you are referring to is called " double spending ." Waiting for confirmations on the blockchain is how you avoid being taken advantage of with a double-spend. 6 confirmations is usually considered the 'safe' number. A year ago this would take around 10 minutes. Today it is usually longer. Due to the increasing block size and demand recently for bitcoin, the time for a confirmation to take place can be delayed and generally only sped up by paying a higher transaction fee. Unfortunately, this increasing delay and having to pay higher transaction fees to avoid it, is one of the more visible flaws in bitcoin and why you see people starting to migrate towards coins that are based on Cryptonote . Continue reading >>

Bitcoin's 43% Arbitrage Trade Is A Lot Tougher Than It Looks

Bitcoin's 43% Arbitrage Trade Is A Lot Tougher Than It Looks

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Bitcoin's 43% Arbitrage Trade Is a Lot Tougher Than It Looks Prices in Korea are consistently higher than those elsewhere Local foreign-exchange rules have made profiting difficult Bitcoins arbitrage trade is more difficult than it looks. Bloombergs Julie Verhage reports. Its the kind of market anomaly that savvy traders usually devour in fractions of a second: bitcoin prices in South Korea are 43 percent higher than those in the U.S. Arbitrage 101 says buy in America, sell in Korea, and pocket the difference for a risk-free profit, minus transaction costs. Market participants whove studied the price gap, known locally as the kimchi premium, say Koreas foreign-exchange and anti-money-laundering rules are making it difficult for traders to gobble up the proverbial free lunch. The lack of selling pressure from arbitragers has left bitcoin prices in Korea tethered to the whims of the nations individual investors. The resulting boom has alarmed local authorities and underscored how fractured markets and feverish speculation can lead to strange outcomes in the nascent world of cryptocurrencies. It also helps explain why Coinmarketcap.com, a widely followed provider of data on digital currencies, excluded Korean exchanges from some of its pricing calculations this week. Continue reading >>

Block Size Limit Controversy

Block Size Limit Controversy

In 2010, a block size limit of 1 MB was introduced into Bitcoin by Satoshi Nakamoto . He added it as a safety measure to prevent miners from creating large spam blocks. However, the limit was not changed again before Nakamoto disappeared. As transaction volume increased with widespread Bitcoin adoption, increasing the limit became subject to heavy debate in 2015. However, most proposals involved hard forking changes. To prevent Bitcoin from temporarily or permanently splitting into separate payment networks ("altcoins"), hard forks require adoption by nearly all economically active full nodes. Arguments in favor of increasing the blocksize Off-chain solutions are not yet ready to take off the load from the main blockchain. Increased blocksize will leave space for extensions like Mastercoin, Counterparty, etc. Neutral: Bitcoin competitors will have lower fees Negative: Bitcoin full nodes are forced to use more resources that don't support Bitcoin Small blocks eventually will require higher fees for fast confirmations. Positive: It will no longer be cheap to spam transactions such as Satoshi Dice bets Positive: Fees will not be zero. This is eventually a necessity in order to incentivize miners and secure the mining ecosystem Negative: Bitcoin may look unattractive to new users with high fees Negative: High fees may stop or reverse global adoption, investment, development, support and centralization A low blocksize limit encourages higher transactions fees to incentivize miners ("let a fee market develop"). A fee market naturally develops due to miner latency regardless [1] The relay network can be optimized so that miners don't have a stale rate increasing with latency. This should cause the fee market to once again require a block size limit to exist. Arguments in oppo Continue reading >>

Blockchains Dont Scale. Not Today, At Least. But Thereshope.

Blockchains Dont Scale. Not Today, At Least. But Thereshope.

Blockchain Engineer. I have a passion for understanding things at a fundamental level and sharing it as clearly as possible. Blockchains dont scale. Not today, at least. But thereshope. The first Bitcoin paper was first released in 2008. My excitement about the potential of blockchain technology has been building ever since. Decentralized digital currency, once just a far-fetched goal, is finally making inroads into the mainstream. While thats exciting on its own merit, Im personally most excited about the potential for decentralized applications. Financial exchanges, prediction markets, and asset management platforms all carry enormous potential. The trustless systems supporting them are no less intriguing; identity verification systems, smart property, censorship resistant social platforms, and autonomous structures and governance models like DAOs . The most disruptive use cases probably havent even been dreamt up yet. But this dream still remains a dream for the foreseeable future while a few early enthusiasts and entrepreneurs are experimenting with building such applications, theres still a big missing piece that prevents us from seeing these applications come to fruition: scalability. Blockchains, as it stands today, are limited in their ability to scale. Thats not to say that this will be the case forever, but its definitely true today. In fact, Id argue its one of the biggest technological barriers we face with blockchain technology today. Its quickly become a very active area of research among researchers in the community and cryptocurrency in general. Currently, all blockchain consensus protocols (eg. Bitcoin, Ethereum, Ripple, Tendermint) have a challenging limitation: every fully participating node in the network must process every transaction. Recall that Continue reading >>

Bitnodes Api V1.0 - Bitnodes

Bitnodes Api V1.0 - Bitnodes

All API endpoints are available for public use without any authentication required. New snapshot is generally available approximately every 5 minutes, so it is recommended that periodical requests are made at most every 5 minutes. Timestamps used in requests and responses are in Unix time in seconds unless specified otherwise in the documentation below. List all snapshots that are available on the server from the latest to oldest snapshot. Snapshots are currently kept on the server for up to 60 days. GET limit (optional) - Number of snapshots to return (10). Max. 100. $ curl -H "Accept: application/json; indent=4" "count": 51583, "next": ""previous": null, "results": [ { "url": ""timestamp": 1489993827, "total_nodes": 6498, "latest_height": 458082 }, . . { "url": ""timestamp": 1489990915, "total_nodes": 6473, "latest_height": 458074 } ]} List all reachable nodes from a snapshot. GET can be replaced with "latest" to get the list of all reachable nodes from the latest snapshot. field (optional) - Specify field=coordinates to get the list of unique latitude and longitude pairs or field=user_agents to get the list of unique user agents instead of the full information listed below. Pagination parameters are not available for this endpoint, as it simply returns the raw snapshot from the export directory used by the crawler. Values in each array in the response represent the following information: $ curl -H "Accept: application/json; indent=4" "timestamp": 1489993827, "total_nodes": 6498, "latest_height": 334083, "nodes": { "136.243.139.96:8333": [ 70015, "/Satoshi:0.14.0/", 1489807093, 13, 458082, "dazzlepod.com", null, "DE", 51.2993, 9.491, "Europe/Berlin", "AS24940", "Hetzner Online GmbH" ], . . "208.118.235.190:8333": [ 70015, "/Satoshi:0.14.0/", 1489807094, 1 Continue reading >>

Pr: Whats Killing Cryptocurrency At The Point-of-sale And How Graft Can Prevent It

Pr: Whats Killing Cryptocurrency At The Point-of-sale And How Graft Can Prevent It

PR: Whats Killing Cryptocurrency at the Point-Of-Sale and How Graft Can Prevent It This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release. Credit cards have been a staple payment method for the last 20 or so years. From their humble beginning as a Diners card in the 1950s to the modern days smart-chip enabled version, they have come a long way and provide great and measurable benefits to their users. Credit cards are pocket-sized, easily portable, and have no intrinsic value in themselves. In addition, true credit cards buy you time to pay your bill, typically with a modest fee attached. With all the benefits, credit/debit cards also have significant weaknesses, like complicated and high fees for merchants and tough qualification and use requirements for consumers, not to mention all the consumer fees and sky-high rates on unpaid balances. Whats more, the issuing bank can pull the customers credit at any time, leaving the consumer financially stranded. Cryptocurrencies, on the other hand, have been gaining a lot of momentum over the past few years due to their properties of being global and not under the control of any government or institution. They introduce a real and viable alternative payment method and are likely to gain significant share in the payment methods mix in the near future. To accept cryptocurrency today, a merchant would have to do it out-of-band, taking the payment wallet-to-wallet, circumventing the POS (point of sale) systems they already have in place, paying unpredictable fees for the transactions, al Continue reading >>

Xtrade Bringing Low Latency Infrastructure To Crypto Trading

Xtrade Bringing Low Latency Infrastructure To Crypto Trading

XTRADE bringing low latency infrastructure to crypto trading By using a unified FIX API, aggregated liquidity, and a multi-exchange standalone trading platform, the company plans to pave the way for institutional investors and professional traders in cryptocurrency markets. XTRADE.io , a technology company founded by veteran Wall Street trading specialists, is introducing an infrastructure that would allow banks, hedge funds, and large institutional traders to easily access cryptocurrency markets. By building a low-latency infrastructure with a unified FIX API, a technology used on Wall Street for over 25 years, along with a standalone trading platform and liquidity aggregation the company will provide precise and virtually instant pricing data while minimizing slippage for the trading of digital assets. Currently, there are124active cryptocurrency exchanges with billions of dollars worth of coinstraded each day. However, it is common for there to be large price differences for the same currency across different exchanges. In addition, amongst many of the current issues, low liquidity and slow order fulfillment cause slippage which can cost transaction large orders upwards of 10% of the order value. XTRADE is proposing a three-stage solution to solve these and some of the many issues that are a barrier to entry for large, institutional or professional traders. In phases, the company plans to implement: Singular Point of Access (SPA) for Liquidity Aggregation FIX is the standard means of communication for trading in global equity markets and is also heavily used in currencies, bonds, and derivatives.Every large institutional and professional market participant uses FIX to trade and has been doing so for over 25 years. XTRADE will launch a universal low latency FIX based Continue reading >>

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